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Why Do I Need Homeowners Insurnace? Wheeling WV

The home insurance policies which apply to your situation are: HO-1, HO-2, HO-3, and HO-8. The most popular home insurance policy is the HO-3 policy, which will cover you for all the commonly named perils. Note that if you own a multi-family home you might consider the HO-3 coverage with a special endorsement to cover you in case of renter-caused damage to your property.

E. A. Lambert Agency
(740) 633-0343
111 S 4th St
MARTINS FERRY, OH
Services
Homeowners Insurance

John L. Harler Agency
(304) 845-6606
903 Wheeling Ave
GLEN DALE, WV
Services
Homeowners Insurance

Allstate Insurance-Janice L Whitman
(304) 925-2161
5324 Maccorkle Ave Se
CHARLESTON, WV
Services
Homeowners Insurance

Gary W. Perry Agency
(304) 744-4611
700 Jefferson Rd
CHARLESTON, WV
Services
Homeowners Insurance

Jones Insurance Agency
(304) 725-5567
179 East Burr Boulevard Unit J
KEARNEYSVILLE, WV
Services
Homeowners Insurance

Stanley S. Norek Agency
(740) 676-3242
3814 Central Ave
SHADYSIDE, OH
Services
Homeowners Insurance

Ronald P. Pizzoferrato Agency
(740) 535-0487
664 Commercial St
MINGO JUNCTION, OH
Services
Homeowners Insurance

James R. Lipford Agency
(304) 342-7371
2401 7th Ave
CHARLESTON, WV
Services
Homeowners Insurance

Charles A. Walker Agency
(304) 252-1364
834 Ritter Drive
BEAVER, WV
Services
Homeowners Insurance

Harold K. Michael Agency
(304) 538-6225
125 S Main St
MOOREFIELD, WV
Services
Homeowners Insurance

Why Do I Need Homeowners Insurnace?

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Homeowner Needs

What Home Insurance Covers

Matching your needs to the kinds of policies available can be a challenge. You need to consider the cost of the premiums as well as your ability to tolerate some risk. These are always the main factors you will need to balance out.

However, there are unique needs depending on the type of home you own or rent.

When you own the building, you should have home insurance for the building. In most cases, if you have a mortgage your lender will require this insurance as a condition of lending you the money.

If you are a homeowner, you should consider some level of coverage for the 4 standard components of home insurance:

  1. structure
  2. contents
  3. liability
  4. living expenses

The home insurance policies which apply to your situation are: HO-1, HO-2, HO-3, and HO-8. The most popular home insurance policy is the HO-3 policy, which will cover you for all the commonly named perils. Note that if you own a multi-family home you might consider the HO-3 coverage with a special endorsement to cover you in case of renter-caused damage to your property.

Let's start with the structure. You will need enough home insurance to rebuild your home. Keep in mind that your estimate should be at current construction costs - not the original cost to build. Also, you might have to consider rebuilding with less-expensive materials. This is often the case when you have owned an older home.

You can come to a quick estimate in a number of ways. You can have your home appraised. You can also get an appraisal from a real estate agent and then subtract the cost of the building lot. However, neither of these approaches will give you an actual construction cost estimate.

You can also take the square footage of your home and multiply it by the average building cost per square foot. However, average cost per square foot will not include special finishings.

Your policy will not cover you in the case of damage because you didn...

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